Part 2 of 4 of 2 Smith's Domino Manufacturing Company learned that one of its cutting machines is obsolete. Although the company will continue to use this machinery in the future, management believes that an impairment write-down is required. The following information relates to the cutting machine: (Cick the icon to view the information.) The firm estimates that the machine has a useful life of 9 years and it has used it for 4 years. It has no salvage value. Read the requirements. Requirement a. Prepare the journal entry required to record the impairment loss. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Impairment Loss on Cutting Machine Accumulated Depreciation-Cutting Machine Cutting Machine Date of Impairment 871,000 1,288,000 2,159,000 Requirement b. Assuming that Smith's uses the straight-line method with no residual value, prepare the journal entry to record the revised depreciation expense for the first year immediately following the impairment.